Is there a low level alternative for bpy.ops.object.convert()?
The to_mesh method 

import bpy

context = bpy.context
scene = context.scene

mball = bpy.data.objects.get("Mball")

if mball:
    me = mball.to_mesh(scene, False, 'PREVIEW')

    # add an object
    o = bpy.data.objects.new("MBallMesh", me)
    scene.objects.link(o)
    o.matrix_world = mball.matrix_world

    # not keep original
    scene.objects.unlink(mball)